IMF disputes Bukele’s daily Bitcoin buying claims as El Salvador’s reserve hits 7,696 BTC

The International Monetary Fund has publicly contradicted President Nayib Bukele’s claim that El Salvador buys one Bitcoin every day, telling reporters this week that the country’s Bitcoin reserve growth, now at 7,696 BTC, worth roughly $460 million, reflects internal wallet consolidation rather than new purchases.

The clarification comes as El Salvador approaches a critical compliance review under its $1.4 billion IMF loan agreement, which bars the government from voluntarily acquiring more Bitcoin.

El Salvador Bitcoin reserve growth raises serious IMF compliance questions

The growing controversy centers around a $1.4 billion Extended Fund Facility agreement signed between El Salvador and the IMF in early 2025.

Under the agreement, the IMF established a strict condition prohibiting voluntary public-sector Bitcoin purchases, effectively creating what analysts describe as a zero-ceiling policy on new government BTC accumulation.

Yet despite these restrictions, the publicly tracked El Salvador Bitcoin Reserve has increased significantly.

Official government figures showed holdings of 5,968 BTC in December 2024, while data from BitcoinTreasuries now lists the reserve at 7,696 BTC, creating apparent contradictions in compliance reporting.

This discrepancy has now become central to the IMF’s upcoming compliance review.

IMF says El Salvador Bitcoin reserve increase may not be new purchases

The IMF has attempted to clarify the confusion surrounding the El-Salvador Bitcoin Reserve, insisting the increase may not represent fresh Bitcoin purchases.

Julie Kozack, spokesperson for the IMF, explained that the reserve growth largely reflects internal transfers and consolidation of Bitcoin already held across multiple government-controlled wallets.

According to Kozack:

“The total Bitcoin controlled across government wallets has remained unchanged.”

The IMF specifically pointed to transfers involving BANDESAL cold-storage wallets, suggesting that what appears to be reserve growth may simply be accounting restructuring rather than active market buying.

While technically compliant with international accounting standards, critics argue this explanation leaves significant ambiguity around Bukele’s public messaging.

Bukele continues defending El Salvador Bitcoin reserve strategy

President Nayib Bukele has built much of his international reputation around the aggressive expansion of the El Salvador Bitcoin Reserve, turning Bitcoin adoption into a major pillar of his economic identity.

When El Salvador became the first nation to make Bitcoin legal tender in September 2021, the decision immediately positioned the country as a global crypto pioneer.

The government launched the state-backed Chivo Wallet to accelerate national adoption while using Bitcoin purchases to attract foreign investors and strengthen the country’s global crypto branding.

For Bukele, Bitcoin has become far more than a financial asset.

It represents a political statement against traditional financial dependency and a direct challenge to conventional institutions.

Bitcoin price crash adds pressure on El Salvador Bitcoin reserve holdings

The falling price of Bitcoin has further complicated the situation.

At the beginning of 2026, the El-Salvador Bitcoin Reserve reached a peak valuation near $800 million, giving Bukele’s strategy significant credibility among crypto supporters.

However, with Bitcoin recently trading between $59,000 and $60,000, down roughly 19% over the past month, the reserve now sits on substantial unrealized losses.

Unlike institutional investors or exchange-traded funds, sovereign Bitcoin reserves cannot easily be liquidated without broader fiscal consequences.

During the same period, US spot Bitcoin ETFs reportedly suffered $5.94 billion in outflows, demonstrating how quickly market sentiment can shift.

For El Salvador, there is no easy exit.

Future of El Salvador Bitcoin reserve now hinges on IMF review

The future of the El-Salvador Bitcoin Reserve now depends heavily on the IMF’s next review.

The IMF has already required El Salvador to disclose all government-controlled Bitcoin wallets, exit direct involvement in Chivo Wallet, liquidate the Fidebitcoin trust, and publish audited reports tied to all Bitcoin-related public entities.

The Fund recently warned:

“Efforts will continue to ensure El Salvador does not accumulate additional BTC.”

For now, the El Salvador Bitcoin Reserve remains one of the most fascinating and risky sovereign crypto experiments ever attempted.

Whether Bukele’s bold Bitcoin gamble becomes a historic success or a costly financial miscalculation is a story the entire crypto market is watching closely.